On May 19, Arbitration Forums, Inc. (AF) welcomed Travelers to its growing list of member companies to adopt Settlement Exchange System® (SES®), AF's automated subrogation payment processing product.
Elena Gervino, VP of Claim Legal and Specialized Services for Travelers, said, “We continually look for ways to better serve our customers. Settlement Exchange System makes our processes more efficient, and we’re able to pass those savings on to our customers.”
SES delivers substantial cost benefits and process efficiencies to members, with potential benefits to the industry in excess of $35M annually. SES facilitates both the automated issuance of electronic funds transfer (EFTs) and the processing of incoming subrogation and arbitration payments made via EFT once settlement is reached between members. Other than modest implementation-associated costs, SES is available to members at no charge.
SES features a payment aggregation option that allows netting of resolved claims among participants, reducing the number of payments between parties and providing participating companies the flexibility to determine the cadence of EFT payments and processing of incoming subrogation and arbitration recoveries.
Kathy Mahne, president and CEO for AF, said, “Given the current economic climate, it’s more important than ever to help our members reduce costs and operate more effectively. SES does that. The implementation with Travelers, and the whole product really, is a great example of the collaboration between AF and its members. Through collaboration, as well as our innovative use of technology, we are able to create significant cost efficiencies and highly-accurate outcomes for our members.”
The SES product originated as an extension of AF's E-Subro Hub® platform, the most widely used subrogation system. SES is now available for all subrogation and arbitration transactions. Nationwide, Enterprise, Allstate, and GEICO are already actively using SES to exchange subrogation payments. With the inclusion of Travelers, current SES companies issued 38% of E-Subro Hub demands YTD.